Reinsurance News
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Marsh Asia promotes Sean Chong Chou to CEO Malaysia
13th December 2022
Insurance broker and risk advisor Marsh has announced the promotion of Sean Chong Chou to CEO Malaysia, effective 1st of January 2023. Chou is stepping up from his current position as Deputy CEO, which he has held for over a decade. According to Marsh, Chou will be responsible for delivering the company's ... Read the full article
Reinsurance segment well capitalised yet deployment is cautious: AM Best
9th December 2022
Even though the global reinsurance segment remains well capitalised, market players are being cautious with the deployment of resources, according to AM Best analysts. One of the key drivers for capital growth was the increase in investment values during 2021, mainly in equities. Yet for the year-end 2022 the rating agency ... Read the full article
Price increases to continue but at reduced rate: WTW
8th December 2022
A new report from WTW says that recent trends suggest rate increases will continue, albeit at a ‘materially reduced’ rate. The report, called the Spring 2023 Insurance Marketplace Realities Report says that commercial insurance rates are beginning to stabilise, steered by cyber and D&O. Reduced rates, WTW said, are becoming increasingly available ... Read the full article
WTW study finds developing ESG strategy a key focus for risk managers
7th December 2022
A recent WTW survey reported that more than half of risk managers are significantly involved in their organisation’s ESG efforts, though 77% believe they should take a more active role in ESG strategy and initiatives. In WTW's 2022 ESG Global Risk Managers Survey, which includes 312 corporate risk managers worldwide, one-third ... Read the full article
DeNexus hires Luccitti as Chief Marketing Officer
7th December 2022
DeNexus Inc., a provider of cyber risk quantification and management tools for large industrial organizations, re/insurers and investors in insurance linked securities (ILS), has appointed Andrew A Luccitti as Chief Marketing Officer (CMO). Within this role, Luccitti will be based at the company's headquarters in Sausalito California, and he will report ... Read the full article
Bloomberg says European P&C insurers to struggle on portfolio returns
6th December 2022
A senior analyst at Bloomberg Intelligence says that European P&C insurers may struggle to register positive returns on their portfolios. Speaking on a Bloomberg Intelligence, Matthew Palazola, senior analyst for P&C insurance, spoke about the current challenges in the US and European P&C markets. He said: “Many European insurers have struggled to ... Read the full article
BMS acquires Eisenar to boost Iberian expansion
6th December 2022
BMS has announced that it has signed a deal to acquire Spanish specialty insurance broker Eisenar in a move that will further bolster its Iberian regional expansion. Founded in 2001 by Eugenio Sanchez-Belda, Eisenar is headquartered in Seville and specialises in industrial risks and professional sports insurance, with Seville Football Club ... Read the full article
AM Best assigns positive outlook to DUAE market segment
6th December 2022
The global delegated underwriting authority enterprise (DUAE) segment has been assigned a positive outlook by credit rating agency AM Best. Technology, talent and diverse sources of capital continue to drive growth in this channel, the agency added. According to the announcement, the outlook reflects AM Best’s expectation that this distribution channel ... Read the full article
Chubb names Mollica Division President for North America Financial Lines
5th December 2022
Chubb has appointed Michael Mollica as Division President for the company's North America Financial Lines businesses, where he will report to John Lupica, Vice Chairman, Chubb Group and President, North America Insurance. Mollica’s appointment is effective immediately. He succeeds Steve Goldman, who Chubb has announced has left the company. Currently, Mollica serves as Executive Vice President, ... Read the full article
Loss of biodiversity seen to impact industry less than other risks: Geneva Association
5th December 2022
A loss of nature and biodiversity is perceived as less of a risk in terms of its impact to the re/insurance industry than other factors within the next five years, says a new report from The Geneva Association. The organisation said that it had spoken with twenty-five firms within the industry ... Read the full article
AI use in Bermuda re/insurance market low, but set to accelerate: BMA
2nd December 2022
A new report by the Bermuda Monetary Authority (BMA) has concluded that use of artificial intelligence and machine learning technologies in the Bermuda re/insurance market is still currently in its infancy, but is set to pick up significantly over the next five years. Machine learning, which focuses on the use of ... Read the full article
Corvus appoints Angela Singhal Whiteford as new Chief Marketing Officer
2nd December 2022
Specialty insurance MGA Corvus Insurance has appointed Angela Singhal Whiteford as its new Chief Marketing Officer. Whiteford holds more than twenty years of marketing and product management experience spanning several technology verticals, including telecommunications, identity management, and robotics. She also has a track record of driving category leadership and brand authority for ... Read the full article
Mosaic makes two hires to build out its global tax liability team
2nd December 2022
Mosaic Insurance has announced that Tax specialists Will Gay and Ze’ev Deutsch have joined the company’s transactional liability team, boosting the firm’s tax-risk capability. Based in London, Gay will be Head of International Tax, Transactional Liability for Mosaic, where he will lead the development of tax insurance underwriting on risks arising ... Read the full article
Howden completes acquisition of AlphaXO Risk Partners
2nd December 2022
Insurance broker Howden has increased its shareholding to 100% in AlphaXO Risk Partners (AlphaXO), a specialty insurance broker headquartered in Sydney. AlphaXO’s leadership will remain unchanged, with Andrew Glover continuing to serve in his role as Managing Director. Established in 2007, AlphaXO is one of the Pacific region’s foremost specialist insurance broking ... Read the full article
USI Insurance Services and GK8 team up on crypto insurance cover
30th November 2022
Broker and consulting firm USI Insurance Services is to team up with platform GK8 to launch a new plan giving the latter’s customers up to $1bn of dedicated cover. A joint statement from the two firms said that plan will allow GK8’s crypto custody solution offers access to the highest insurance ... Read the full article